Crane Market Analysis | 2022-2028

Market Insights

The Crane Market was estimated at USD 23.8 Billion in 2021 and is likely to grow at a CAGR of 4.8% from 2022-2028 to reach USD 33.04 Billion in 2028.

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What is a crane?

A crane is a machine that can lift and lower materials as well as move them horizontally. It is typically equipped with a hoist rope, wire ropes or chains, and sheaves. It is primarily used for lifting heavy objects and transporting them to other locations.

Drivers

• The high demand for cranes owing to the rapid development of the infrastructure and building sectors as a result of several new construction and refurbishment projects
• The need for improved structures across various industry verticals such as oil & gas, manufacturing, and telecommunication among others
• The increased automated safety features included in newly developed machines will increase product demand over the forecast period.

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Key Players

Some of the key players in the crane market are-

• Konecranes Oyj
• Liebherr
• Tadano Ltd.
• Terex Corporation
• Zoomlion Heavy Industry Science and Technology Co., Ltd.
• Ingersoll Rand Inc.
• Palfinger AG
• Columbus McKinnon Corporation
• Kito Corp.
• Sumitomo Heavy Industries, Ltd.

Segment Analysis

By Type

The market is segmented into mobile cranes and fixed cranes. The mobile crane segment is expected to lead the market during the forecast period. The segment's growth is majorly due to the distinct features of mobile cranes, such as high traveling speed, high mobility, and the requirement for less time to set them up on construction sites.

By Operation Type

The market is segmented as hydraulic, electric, and hybrid. The hybrid-powered crane segment is expected to be one of the key demand generators for the crane market during the forecast period. They operate by using both hydraulic and electric power. The factors contributing to the growth of hybrid-powered cranes are their higher efficiency and their use in customized solutions.

By Industry Type

The market is segmented as construction, shipping & material handling, automotive & railway, mining, aerospace & defense, energy & power, and others. The construction industry is expected to capture the majority of the share owing to the investments for construction in many developing markets. Earth-moving equipment is commonly used in construction for tasks such as lifting, digging, loading and unloading weight, and leveling.

By Region

Asia-Pacific is estimated to be the leading region in the market on account of the growing opportunities for the construction industry, mainly driven by the rising population. Furthermore, the rapid growth of the automotive, construction, and aerospace & defense industries in emerging economies, such as China and India, is also expected to drive the growth of the crane market in the region during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Type:

• Mobile Cranes
  • Type Analysis: Boom-Type, Crawler Cranes, Rough Terrain Cranes, All-Terrain Cranes, and Truck Loader Cranes
• Fixed Cranes
  • Type Analysis: Industrial Cranes, Tower Cranes, and Ship-To-Shore Cranes

By Operation Type:

• Hydraulic 
• Electric
• Hybrid 

By Lifting Capacity Type:

• 0–66 MT 
• 66–81 MT 
• 81–111 MT 
• 111+ MT 

By Industry Type:

• Construction 
• Shipping & Material Handling
• Automotive & Railway 
• Mining 
• Aerospace & Defense 
• Energy & Power 
• Others

        By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the operation types by industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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